The dream of owning a home is not in fact dead for Canadian millennials 乌鸦传媒� at least, for some 乌鸦传媒� despite ever-present challenges to save money.

That乌鸦传媒檚 according to a new poll released Tuesday by HSBC, which questioned 9,000 young people across nine countries 乌鸦传媒� including 1,000 living in Canada.

About 34 per cent of millennials in this country already own a home, and eight in 10 of those who haven乌鸦传媒檛 already made a down payment, plan to do so in the next five years.

The problem is that this group is still having a hard time saving, or isn乌鸦传媒檛 bothering at all.

Almost 30 per cent of respondents in Canada reported having no savings plan, while 53 pre cent have an 乌鸦传媒渁pproximate budget.乌鸦传媒�

About 37 per cent of millennials who already own a home went to the 乌鸦传媒淏ank of Mom and Dad,乌鸦传媒� according to the survey, while about 20 per cent moved back in with their parents to save cash.

The group Generation Squeeze adds to the bleak picture: it takes millennials in B.C. about 16 years to save for a 20-per-cent down payment 乌鸦传媒� more than a decade longer than it took in 1976. In Vancouver, it takes a further seven years.

乌鸦传媒淭he reality is, it乌鸦传媒檚 a challenge,乌鸦传媒� Larry Tomei, executive vice president at HSBC said. 乌鸦传媒淪o I can乌鸦传媒檛 stress enough the importance of having a good plan that includes getting the right financial services advice and support before and after you buy.乌鸦传媒�

When millennials finally buy a home, almost half of them struggle to stick to a budget within the first two years 乌鸦传媒� often overspending, leading them back to Mom and Dad乌鸦传媒檚 wallets.

More than half know saving would require spending less on leisure activities and going out. One third said they乌鸦传媒檙e even prepared to delay having children.

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